I don't know how important having a TLD is to the eyes of a search engine, but I can personally attest to never having seen a co.cc or anything similar for anything other than very long keywords.
Therefore, I would think it's a much wiser to spend a few bucks and get a .com domain unless you are absolutely unable to (i.e. not having any sort of online payment capability, but there are ways to get domains by trade rather than pay, so it's still feasible).